Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 28, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000895456 | ||
Entity Registrant Name | ROCKY BRANDS, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-34382 | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 31-1364046 | ||
Entity Address, Address Line One | 39 East Canal Street | ||
Entity Address, City or Town | Nelsonville | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 45764 | ||
City Area Code | 740 | ||
Local Phone Number | 753-1951 | ||
Title of 12(b) Security | Common Stock – No Par Value | ||
Trading Symbol | RCKY | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 140,638,089 | ||
Entity Common Stock, Shares Outstanding | 7,250,911 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 28,353 | $ 15,518 |
Trade receivables – net | 48,010 | 45,585 |
Contract receivables | 5,170 | 4,746 |
Other receivables | 364 | 366 |
Inventories – net | 77,576 | 76,731 |
Income tax receivable | 0 | 150 |
Prepaid expenses | 3,713 | 3,030 |
Total current assets | 163,186 | 146,126 |
LEASED ASSETS | 1,572 | 1,743 |
PROPERTY, PLANT & EQUIPMENT – net | 33,750 | 27,423 |
IDENTIFIED INTANGIBLES – net | 30,209 | 30,240 |
OTHER ASSETS | 374 | 294 |
TOTAL ASSETS | 229,091 | 205,826 |
CURRENT LIABILITIES: | ||
Accounts payable | 20,090 | 15,776 |
Contract liabilities | 5,582 | 4,746 |
Accrued expenses: | ||
Salaries and wages | 4,463 | 3,044 |
Taxes - other | 893 | 967 |
Accrued freight | 911 | 867 |
Commissions | 712 | 608 |
Accrued duty | 4,270 | 3,824 |
Income tax payable | 1,019 | 0 |
Other | 2,043 | 1,702 |
Total current liabilities | 39,983 | 31,534 |
LONG-TERM TAXES PAYABLE | 169 | 169 |
LONG-TERM LEASE | 944 | 1,158 |
DEFERRED INCOME TAXES | 8,271 | 8,108 |
DEFERRED LIABILITIES | 219 | 201 |
TOTAL LIABILITIES | 49,586 | 41,170 |
SHAREHOLDERS' EQUITY: | ||
25,000,000 shares authorized; issued and outstanding December 31, 2020 - 7,247,631; December 31, 2019 - 7,354,970 | 65,971 | 67,993 |
Retained earnings | 113,534 | 96,663 |
Total shareholders' equity | 179,505 | 164,656 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 229,091 | $ 205,826 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 7,247,631 | 7,354,970 |
Common stock, shares outstanding (in shares) | 7,247,631 | 7,354,970 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
NET SALES | $ 277,309 | $ 270,408 |
COST OF GOODS SOLD | 172,574 | 172,723 |
GROSS MARGIN | 104,735 | 97,685 |
OPERATING EXPENSES | 77,565 | 75,600 |
INCOME FROM OPERATIONS | 27,170 | 22,085 |
OTHER (EXPENSES) INCOME | (205) | 146 |
INCOME BEFORE INCOME TAXES | 26,965 | 22,231 |
INCOME TAX EXPENSE | 6,001 | 4,769 |
NET INCOME | $ 20,964 | $ 17,462 |
INCOME PER SHARE | ||
Basic (in dollars per share) | $ 2.87 | $ 2.36 |
Diluted (in dollars per share) | $ 2.86 | $ 2.35 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||
Basic (in shares) | 7,304 | 7,387 |
Diluted (in shares) | 7,337 | 7,439 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
BALANCE (in shares) at Dec. 31, 2018 | 7,368,000 | ||||
BALANCE at Dec. 31, 2018 | $ 68,387 | $ 0 | $ 83,188 | $ 151,575 | |
Net income | 17,462 | 17,462 | |||
Dividends paid on common stock | [1] | (3,987) | (3,987) | ||
Repurchase of common stock (in shares) | (54,000) | ||||
Repurchase of common stock | $ (1,500) | (1,500) | |||
Stock issued for options exercised, including tax benefits (in shares) | 28,000 | ||||
Stock issued for options exercised, including tax benefits | $ 444 | 444 | |||
Stock compensation expense (in shares) | 13,000 | ||||
Stock compensation expense | $ 662 | 662 | |||
BALANCE (in shares) at Dec. 31, 2019 | 7,355,000 | ||||
BALANCE at Dec. 31, 2019 | $ 67,993 | 0 | 96,663 | 164,656 | |
Net income | 20,964 | 20,964 | |||
Dividends paid on common stock | (4,093) | (4,093) | |||
Repurchase of common stock (in shares) | (129,000) | ||||
Repurchase of common stock | $ (2,938) | $ (2,938) | |||
Stock issued for options exercised, including tax benefits (in shares) | 8,000 | 8,800 | |||
Stock issued for options exercised, including tax benefits | $ 136 | $ 136 | |||
Stock compensation expense (in shares) | 14,000 | ||||
Stock compensation expense | $ 780 | 780 | |||
BALANCE (in shares) at Dec. 31, 2020 | 7,248,000 | ||||
BALANCE at Dec. 31, 2020 | $ 65,971 | $ 0 | $ 113,534 | $ 179,505 | |
[1] | Dividend was increased from $0.12 per share to $0.14 per share in the second quarter of 2019 |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends paid on common stock, per share (in dollars per share) | $ 0.56 | $ 0.54 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 20,964,000 | $ 17,462,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,240,000 | 5,037,000 |
Deferred income taxes | 164,000 | 328,000 |
Loss on disposal of fixed assets | 28,000 | 108,000 |
Stock compensation expense | 780,000 | 662,000 |
Change in assets and liabilities: | ||
Receivables | (2,697,000) | (4,547,000) |
Inventories | (845,000) | (3,909,000) |
Other current assets | (993,000) | (4,302,000) |
Other assets | (80,000) | (145,000) |
Accounts payable | 4,459,000 | 456,000 |
Accrued and other liabilities | 3,402,000 | 6,938,000 |
Income taxes payable | 1,019,000 | 0 |
Net cash provided by operating activities | 31,441,000 | 18,088,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (11,716,000) | (7,719,000) |
Proceeds from sales of fixed assets | 5,000 | 19,000 |
Net cash used in investing activities | (11,711,000) | (7,700,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facility | 20,000,000 | 0 |
Repayments on revolving credit facility | (20,000,000) | 0 |
Proceeds from stock options | 136,000 | 444,000 |
Repurchase of common stock | (2,938,000) | (1,500,000) |
Dividends paid on common stock | (4,093,000) | (3,987,000) |
Net cash used in financing activities | (6,895,000) | (5,043,000) |
INCREASE IN CASH AND CASH EQUIVALENTS | 12,835,000 | 5,345,000 |
CASH AND CASH EQUIVALENTS: | ||
BEGINNING OF PERIOD | 15,518,000 | 10,173,000 |
END OF PERIOD | $ 28,353,000 | $ 15,518,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Principles of Consolidation Business Activity six Our products are distributed through three 10,000 third Estimates Cash and Cash Equivalents three may Trade Receivables December 31, 2020 2019 may 606, December 31, 2020 2019 Concentration of Credit Risk 10% December 31, 2020 2019 Supplier and Labor Concentrations not We source a significant portion of our footwear, apparel and gloves from manufacturers in Asia, primarily China. We are not Inventories first first Property, Plant and Equipment Years Buildings and improvements 5 - 40 Machinery and equipment 3 - 8 Furniture and fixtures 3 - 8 Lasts, dies, and patterns 3 For income tax purposes, the Company generally computes depreciation utilizing accelerated methods. Identified intangible assets not If events or circumstances change, a determination is made by management, in accordance with the accounting standard for “Property, Plant and Equipment” to ascertain whether property, equipment and certain finite-lived intangibles have been impaired based on the sum of expected future undiscounted cash flows from operating activities. If the estimated net cash flows are less than the carrying amount of such assets, we will recognize an impairment loss in an amount necessary to write down the assets to fair value as determined from expected future discounted cash flows. In accordance with the accounting standard for “Intangibles – Goodwill and Other”, we test intangible assets with indefinite lives for impairment annually or when conditions indicate impairment may fourth not Note 5 Comprehensive Income two no no Advertising 2020 2019 Shipping Costs 2020 2019 Fair Value Measurements The fair value accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. This standard also establishes a three three ● Level 1 ● Level 2 1, not ● Level 3 no The fair values of cash and cash equivalents, receivables, and payables approximated their carrying values because of the short-term nature of these instruments. Receivables consist primarily of amounts due from our customers, net of allowances, amounts due from employees (sales persons’ advances in excess of commissions earned and employee travel advances); other customer receivables, net of allowances; and expected insurance recoveries. The carrying amounts of our long-term credit facility and other short-term financing obligations also approximate fair value, as they are comparable to the available financing in the marketplace during the year. The fair value of our revolving line of credit is categorized as Level 2. Deferred Compensation Plan Assets and Liabilities On December 14, 2018, January 1, 2019. 1 |
Note 2 - Accounting Standards U
Note 2 - Accounting Standards Updates | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recently Issued Accounting Pronouncements Rocky Brands, Inc. is currently evaluating the impact of certain ASUs on its Consolidated Financial Statements or Notes to the Consolidated Financial Statements: Standard Description Anticipated Adoption Period Effect on the financial statements or other significant matters ASU 2016 13, The pronouncement seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Q1 2023 We are evaluating the impacts of the new standard on our existing financial instruments, including trade receivables. ASU 2019 12, 740 This pronouncement is intended to simplify various aspects related to accounting for income taxes. ASU 2019 12 740 Q1 2021 We are evaluating the impacts of the new standard on our Consolidated Financial Statements but do not Accounting Standards Adopted in the Current Year Standard Description Effect on the financial statements or other significant matters ASU 2018 13 820 This pronouncement changes the fair value measurement disclosure requirements of ASC 820. 8: We adopted the new standard in Q1 2020 not |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories are comprised of the following: December 31, December 31, ($ in thousands) 2020 2019 Raw materials $ 12,875 $ 12,466 Work-in-process 1,128 856 Finished goods 63,573 63,409 Total $ 77,576 $ 76,731 In accordance with ASC 606, December 31, 2020 December 31, 2019 |
Note 4 - Property, Plant, and E
Note 4 - Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property, plant, and equipment is comprised of the following: December 31, December 31, ($ in thousands) 2020 2019 Land 956 956 Buildings 27,596 20,810 Machinery and equipment 44,472 41,727 Furniture and fixtures 2,109 2,577 Lasts, dies and patterns 10,833 11,596 Construction work-in-progress 5,849 6,265 Total 91,815 83,931 Less - accumulated depreciation (58,065 ) (56,508 ) Net Fixed Assets 33,750 27,423 We incurred approximately $5.2 million and $5.0 million in depreciation expense for 2020 2019 |
Note 5 - Identified Intangible
Note 5 - Identified Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 5. A schedule of identified intangible assets is as follows: Gross Accumulated Carrying ($ in thousands) Amount Amortization Amount December 31, 2020 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 778 117 Total Intangibles $ 30,987 $ 778 $ 30,209 Gross Accumulated Carrying Amount Amortization Amount December 31, 2019 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 747 148 Total Intangibles $ 30,987 $ 747 $ 30,240 The weighted average remaining life for our patents is 3.4 years. A schedule of approximate actual and expected amortization expense related to finite-lived intangible assets is as follows: Amortization ($ in thousands) Expense 2019 $ 33 2020 31 2021 26 2022 22 2023 20 2024 17 2025 12 2026+ 20 Intangible assets, including trademarks and patents are reviewed for impairment annually, and more frequently, if necessary. We perform such testing of indefinite-lived intangible assets in the fourth not In assessing whether indefinite-lived intangible assets are impaired, we must make certain estimates and assumptions regarding future cash flows, long-term growth rates of our business, operating margins, weighted average cost of capital and other factors such as; discount rates, royalty rates, cost of capital, and market multiples to determine the fair value of our assets. These estimates and assumptions require management’s judgment, and changes to these estimates and assumptions could materially affect the determination of fair value and/or impairment for each of our indefinite-lived intangible assets. Future events could cause us to conclude that indications of intangible asset impairment exist. Impairment may 2020 2019 We evaluate our finite and indefinite lived trademarks under the terms and provisions of the accounting standards for “Intangibles - Goodwill and Other”; and “Property, Plant and Equipment.” These pronouncements require that we compare the fair value of an intangible asset with its carrying amount. The results of our 2020 2019 |
Note 6 - Other Assets
Note 6 - Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 6. Other assets consist of the following: December 31, December 31, ($ in thousands) 2020 2019 Deferred financing costs, net $ 109 $ 143 Other 265 151 Total $ 374 $ 294 In February 2019, |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. LONG-TERM DEBT On February 13, 2019 may February 13, 2024. Applicable Spread Rates for Applicable Spread Rates Domestic Rate Average Excess Revolver Availability for Eurodollar Rate Revolving Revolver Pricing Level for Previous Quarter Revolving Advances Advances I $25,000,000+ 1.00 % 0.50 % II $17,500,000 to < 25,000,000 1.25 % 0.50 % III $10,000,000 to < 17,500,000 1.50 % 2.50 % IV $< 10,000,000 1.75 % 0.00 % The total amount available under our new Credit Facility is subject to a borrowing base calculation based on various percentages of accounts receivable and inventory. As of December 31, 2020 We had no outstanding borrowings against the Credit Facility for fiscal years ending December 31, 2020 December 31, 2019 Credit Facility Covenants Our Credit Facility contains restrictive covenants which require us to maintain a fixed charge coverage ratio. These restrictive covenants are only in effect upon a triggering event taking place (as defined in the agreement). Our Credit Facility contains restrictions on the amount of dividends that may twelve December 31, 2020 no not On March 15, 2021, Note 19 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. In February 2016, No. 2016 02, 2016 02” 2016 02 No. 2018 01, 842; No. 2018 10, 842, No. 2018 11, 842, 12 The new standard was effective for us on January 1, 2019, may 1 2 not not January 1, 2019. The new standard provides several optional practical expedients in transition. We elected the ‘package of practical expedients’, which permits us not not not not The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not not not This standard had a material effect on our Audited Consolidated Balance Sheets. Specifically, the most significant effects relate to ( 1 2 not not not not not The operating ROU asset and operating lease liabilities as of December 31, 2020 December 31, 2019 December 31, December 31, ($ in thousands) 2020 2019 Financial Statement Line Item Assets: Operating ROU Assets $ 1,572 $ 1,743 Leased assets Liabilities: Current Operating $ 629 $ 586 Other accrued expenses Noncurrent Operating 944 1,158 Long-term lease Total leased liabilities $ 1,573 $ 1,744 Maturity of our operating lease liabilities are as follows: Operating ($ in thousands) Leases 2021 $ 675 2022 505 2023 348 2024 107 2025 17 Total lease payments 1,652 Less: Interest 79 Present value of lease liabilities $ 1,573 For the twelve December 31, 2020 December 31, 2019 December 31, December 31, 2020 2019 Weighted-average remaining lease term (years) Operating leases 2.0 2.2 Weighted-average discount rate Operating leases 3.7% 4.6% For the twelve December 31, 2020 December 31, 2019 December 31, December 31, ($ in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 711 $ 909 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 481 $ 1,419 The breakdown of rent expense for our operating leases for the twelve December 31, 2020 December 31, 2019 Twelve Months Ended December 31, December 31, ($ in thousands) 2020 2019 Financial Statement Line Item Operating lease expenses - Manufacturing & Sourcing (1) $ 678 $ 636 Cost of goods sold Operating lease expenses (1) 433 367 Operating expenses Total lease expenses $ 1,111 $ 1,003 ( 1 twelve December 31, 2020 December 31, 2019 |
Note 9 - Benefit Plan
Note 9 - Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. We sponsor a 401 six one Our approximate contributions to the 401 ($ in thousands) 2020 2019 401k plan sponsor contributions $ 961 $ 955 Deferred Compensation Plans The Executive Deferred Compensation Plan, which became effective January 1, 2019, Under the Executive Deferred Compensation Plan, participants may December 31 no 100% may ten 60 60, 30 The deferrals are held in a separate trust, which has been established by the Company to administer the Executive Deferred Compensation Plan. The assets of the trust are subject to the claims of the Company’s creditors in the event that the Company becomes insolvent. Consequently, the trust qualifies as a grantor trust for income tax purposes (i.e., a “Rabbi Trust”). The assets held by the trust were approximately $150,000 and $40,000 as of December 31, 2020 December 31, 2019 During 2020, second August 18, 2020 Under the Dominican Plan, key employees will receive a set dollar amount, as defined in the agreement, at the later of five 65. 30 five not not December 31, 2020 |
Note 10 - Taxes
Note 10 - Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. The Company accounts for income taxes in accordance with the accounting standard for “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Accordingly, deferred income taxes have been provided for the temporary differences between the financial reporting and the income tax basis of the Company’s assets and liabilities by applying enacted statutory tax rates applicable to future years to the basis differences. A breakdown of our income tax expense (benefit) for the years ended December 31 ($ in thousands) 2020 2019 Federal: Current $ 4,942 $ 3,706 Deferred 67 336 Total Federal 5,009 4,042 State & local: Current 793 497 Deferred 97 (8 ) Total State & local 890 489 Foreign Current 102 238 Deferred - - Total Foreign 102 238 Total $ 6,001 $ 4,769 A reconciliation of recorded Federal income tax expense to the expected expense computed by applying the applicable Federal statutory rate for all periods to income before income taxes follows: Years Ended December 31, ($ in thousands) 2020 2019 Expected expense at statutory rate (21% in 2020 and 2019) $ 5,662 $ 4,682 Increase (decrease) in income taxes resulting from: Exempt income from Dominican Republic operations due to tax holiday (942 ) (821 ) GILTI tax 438 410 State and local income taxes 766 369 Foreign Tax Credit/Expense (30 ) (278 ) Meals and entertainment 27 48 Nondeductible penalties 20 - Provision to return filing adjustments and other 60 359 Total $ 6,001 $ 4,769 Deferred income taxes recorded in the Consolidated Balance Sheets at December 31, 2020 2019 ($ in thousands) 2020 2019 Deferred tax assets: Asset reserves and accrued expenses $ 301 $ 526 Inventories 528 471 State and local income taxes 169 192 Pension and deferred compensation 18 27 Net operating losses 298 388 Lease asset 269 - Total deferred tax assets 1,583 1,604 Valuation allowances (298 ) (372 ) Total deferred tax assets 1,285 1,232 Deferred tax liabilities: Fixed assets 1,571 1,519 Intangible assets 6,587 6,756 Other assets 278 231 Tollgate tax on Lifestyle earnings 228 228 State and local income taxes 623 606 Lease Liability 269 - Total deferred tax liabilities 9,556 9,340 Net deferred tax liability $ 8,271 $ 8,108 The valuation allowance is related to certain state and local income tax net operating loss carry forwards. We have provided Puerto Rico tollgate taxes on approximately $3,684,000 of accumulated undistributed earnings of Lifestyle prior to the fiscal year ended June 30, 1994, 2001, June 30, 1994, no We are subject to tax examinations in various taxing jurisdictions. The earliest exam years open for examination are as follows: Earliest Exam Year Taxing Authority Jurisdiction: U.S. Federal 2017 Various U.S. States 2016 Puerto Rico (U.S. Territory) 2015 Canada 2015 Our policy is to accrue interest and penalties on any uncertain tax position as a component of income tax expense. As of December 31, 2020 not 12 Accounting for uncertainty in income taxes requires financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise’s financial statements. Under this guidance, income tax positions must meet a more-likely-than- not not no |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Repurchase of Common Stock A summary of our authorized share repurchase plans is as follows: ($ in thousands, except share and per share amounts) 2020 2019 Maximum authorized share repurchase amount (1) $ 7,500 $ 7,500 Date of plan's authorization by the Board February 2020 February 2019 Funding source Working capital Working capital Number of shares repurchased under the plan (shares) 129,095 54,249 Amount paid for shares repurchased $ 2,938 $ 1,500 Weighted average price paid per share $ 22.76 $ 27.65 Remaining amount of shares authorized to be purchased under the plan (in dollars) $ 4,562 $ 6,000 ( 1 Common shares can be purchased in the open market or privately negotiated transactions over the next twelve On March 8, 2021, March 4, 2022 2020 February 27, 2021 Preferred Shares The Company has authorized 250,000 shares of voting preferred stock with no par value. No shares are issued or outstanding. Also, the Company has authorized 250,000 shares of non-voting preferred stock with no par value. Of these, 125,000 shares have been designated Series A non-voting convertible preferred stock with a stated value of $ .06 December 31, 2020 2019 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. On May 7, 2014, 2014 “2014 2014 may 2014 December 31, 2020 2014 Stock options The following table presents the weighted average assumptions used in the option-pricing model at the grant date for options granted during the years ended December 31: 2020 2019 Assumptions: Risk-free interest rate 1.61 % 2.84 % Expected dividend yield 2.00 % 1.81 % Expected volatility of Rocky's common stock 42.27 % 42.05 % Expected option term (years) 6.3 6.3 Weighted-average grant date fair value per share $ 9.36 $ 8.77 For the years ended December 31, 2020 2019 ($ in thousands) 2020 2019 Share-based compensation expense $ 780 $ 662 Tax benefit 58 109 The following summarizes stock option activity for the year ended December 31, 2020 Weighted Weighted Average Average Remaining Aggregate ($ amounts are per share) Shares Exercise Price Actual Term Intrinsic Value Options outstanding at January 1, 2020 192,000 $ 19.46 Issued 78,000 29.43 Exercised (8,800 ) 15.39 Forfeited or expired (3,800 ) 19.96 Options outstanding at December 31, 2020 257,400 $ 22.61 5.6 $ 1,510,216 Expected to vest 150,500 $ 24.91 6.9 $ 580,937 Exercisable at December 31, 2020 106,900 $ 19.38 3.8 $ 929,279 In the first 2020 not 2020 2019 In the first 2020 Restricted stock units The following table summarizes the status of the Company’s restricted stock units and activity as of December 31, 2020 Restricted Stock Units Weighted-Average Grant Date ($ amounts are per share) Quantity Fair Value Per Share Nonvested at January 1, 2020 2,500 $ 11.35 Granted - - Vested (2,500 ) 11.35 Forfeited - - Nonvested at December 31, 2020 - $ - As of December 31, 2020 During the years ended December 31, 2020 2019 |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Basic earnings per share (“EPS”) is computed by dividing net income applicable to common shareholders by the weighted average number of common shares outstanding during each period. The diluted earnings per share computation includes common share equivalents, when dilutive. A reconciliation of the shares used in the basic and diluted income per common share computation for the years ended December 31, Twelve Months Ended December 31, (shares in thousands) 2020 2019 Basic - weighted average shares outstanding 7,304 7,387 Dilutive restricted share units - 4 Dilutive stock options 33 48 Diluted - weighted average shares outstanding 7,337 7,439 Anti-dilutive securities 149 73 |
Note 14 - Revenue
Note 14 - Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 1 4 . REVENUE Nature of Performance Obligations Our products are distributed through three Significant Accounting Policies and Judgements Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; this generally occurs upon shipment of our product to our customer, which is when the transfer of control of our products passes to the customer. The duration of our arrangements with our customers are typically one Revenues from sales are recorded at the net sales price, which includes estimates of variable consideration for which reserves are established. Components of variable consideration include prompt payment discounts, volume rebates, and product returns. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a current liability (if the amount is payable to a party other than a customer). The amount of variable consideration which is included in the transaction price may not not December 31, 2020 may When a customer has a right to a prompt payment discount, we estimate the likelihood that the customer will earn the discount using historical data and adjust our estimate when the estimate of the likelihood that a customer will earn the discount changes or the consideration becomes fixed, whichever occurs earlier. The estimated amount of variable consideration is recognized as a credit to trade receivables and a reduction in revenue until the uncertainty of the variable consideration is alleviated. Because most of our customers have payment terms less than six not When a customer is offered a rebate on purchases retroactively, this is accounted for as variable consideration because the consideration for the current and past purchases is not When a right of return is part of the arrangement with the customer, we estimate the expected returns based on an analysis using historical data. We adjust our estimate either when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed, whichever occurs earlier. Please see Note 1 Note 3 Trade receivables represent our right to unconditional payment that only relies on the passage of time. Contract receivables represent contractual minimum payments required under non-cancellable contracts with the U.S. Military and other customers with a duration of one Contract liabilities are performance obligations that we expect to satisfy or relieve within the next twelve Items considered immaterial within the context of the contract are recognized as an expense. Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue producing transaction, that are collected from customers, are excluded from revenue. Costs associated with our manufacturer’s warranty continue to be recognized as expense when the products are sold in accordance with guidance surrounding product warranties. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are in included in operating expenses. This treatment is consistent with how we accounted for these costs in prior periods. Costs associated with obtaining a contract are expensed as incurred in accordance with the practical expedient in ASC 340 40 one Contract Balances The following table provides information about contract liabilities from contracts with our customers. December 31, December 31, ($ in thousands) 2020 2019 Contract liabilities $ 5,582 $ 4,746 Significant changes in the contract liabilities balance during the period are as follows: ($ in thousands) Contract liabilities Balance, December 31, 2019 4,746 Non-cancelable contracts with customers entered into during the period 8,060 Revenue recognized related to non-cancelable contracts with customers during the period (7,224 ) Balance, December 31, 2020 5,582 Disaggregation of Revenue All revenues are recognized at a point in time when control of our products pass to the customer at point of shipment. Because all revenues are recognized at a point in time and are disaggregated by channel, our segment disclosures are consistent with ASC 606 Note 16 |
Note 15 - Supplemental Cash Flo
Note 15 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 15. Supplemental cash flow for the years ended December 31, ($ in thousands) 2020 2019 Interest paid $ 151 $ 120 Federal, state, and local income taxes paid, net $ 4,669 $ 5,327 Change in contract receivables, net $ (424 ) $ (2,144 ) Change in contract liabilities, net $ 836 $ 2,144 Property, plant, and equipment purchases in accounts payable $ 2,316 $ 2,460 |
Note 16 - Segment Information
Note 16 - Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. Reportable Segments three Wholesale. Retail. third first Military. The following is a summary of segment results for the Wholesale, Retail, and Military segments for the years ended December 31, Twelve Months Ended December 31, ($ in thousands) 2020 2019 NET SALES: Wholesale $ 185,554 $ 179,519 Retail 72,877 64,824 Military 18,878 26,065 Total Net Sales $ 277,309 $ 270,408 GROSS MARGIN: Wholesale $ 66,336 $ 61,133 Retail 34,283 28,941 Military 4,116 7,611 Total Gross Margin $ 104,735 $ 97,685 Segment asset information is not Product Group Information December 31: ($ in thousands) 2020 % of Sales 2019 % of Sales Work footwear $ 126,268 45.5 % $ 123,021 45.5 % Western footwear 61,127 22.0 52,976 19.6 Duty and commercial military footwear 41,005 14.8 42,583 15.7 Outdoor footwear 21,074 7.6 18,494 6.8 Military footwear 18,878 6.8 26,064 9.6 Apparel 3,382 1.2 2,782 1.0 Other 5,575 2.0 4,488 1.7 $ 277,309 100.0 % $ 270,408 100.0 % Net sales to foreign countries represented approximately 0.8% of net sales in 2020 2019 |
Note 17 - Quarterly Results of
Note 17 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 17. The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2020 2019 2020 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year Net sales $ 55,720 $ 56,186 $ 77,785 $ 87,618 $ 277,309 Gross margin $ 19,320 $ 19,462 $ 29,832 $ 36,121 $ 104,735 Net income $ 1,188 $ 2,442 $ 7,613 $ 9,721 $ 20,964 Dividends paid $ 1,030 $ 1,023 $ 1,023 $ 1,017 $ 4,093 Net income per common share: Basic $ 0.16 $ 0.33 $ 1.04 $ 1.34 $ 2.87 Diluted $ 0.16 $ 0.33 $ 1.04 $ 1.33 $ 2.86 2019 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year Net sales $ 65,929 $ 61,959 $ 67,179 $ 75,341 $ 270,408 Gross margin $ 22,978 $ 21,441 $ 25,014 $ 28,252 $ 97,685 Net income $ 3,605 $ 3,156 $ 5,616 $ 5,085 $ 17,462 Dividends paid $ 887 $ 1,035 $ 1,036 $ 1,029 $ 3,987 Net income per common share: Basic $ 0.49 $ 0.43 $ 0.76 $ 0.68 $ 2.36 Diluted $ 0.48 $ 0.42 $ 0.75 $ 0.70 $ 2.35 |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18 . COMMITMENTS AND CONTINGENCIES We are, from time to time, a party to litigation which arises in the normal course of business. Although the ultimate resolution of pending proceedings cannot be determined, in the opinion of management, the resolution of such proceedings in the aggregate will not |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. Subsequent to year-end, we closed on the acquisition of the performance and lifestyle footwear business of Honeywell International, Inc., which expanded our brand portfolio to include The Original Muck Boot Company, XTRATUF, Servus, NEOS and Ranger Brands. We acquired 100% of the voting interests of the performance and lifestyle footwear business of Honeywell International, Inc. with this acquisition. The total purchase price for these brands was $230 million, funded through cash on hand and two With the acquisition of The Original Muck Boot Company along with the XTRATUF, Servus, NEOS and Ranger brands, we will greatly enhance our powerful portfolio of footwear brands and significantly increase our sales and profitability. We are acquiring a well-run business with a corporate culture and a customer base similar to ours, which provides meaningful growth opportunities within our existing categories as well as an entry into new market segments. Its innovative and authentic product collections complement our existing offering with minimal overlap, which will allow us to strengthen our wholesale relationships and serve a wider consumer audience. At the same time, we plan to leverage our existing advanced fulfillment capabilities to improve distribution of the new brands to wholesale customers and accelerate direct-to-consumer penetration. In connection with this acquisition, we incurred approximately $705,000 of transaction related expenses for year ended December 31, 2020, January 1, 2021 March 15, 2021, $4.5 We also entered into employment agreements with seven seven Certain financial information and related disclosures pertaining to the acquisition completed on March 15, 2021 not March 16, 2021, not On March 15, 2021, June 30, 2021. 3.25, 7.00% 3.25, Our Term Facility is collateralized by a second first March 15, 2026. On March 15, 2021, may March 16, 2021, first The ABL Facility is collateralized by first second March 15, 2026. Average Availability as a Revolver Pricing Level (1) Percentage of Commitments Base Rate LIBOR Rate Base Rate for FILO LIBOR Rate for FILO I > 66.7% 0.00 % 1.25 % 0.50 % 1.75 % II >33.3% and < or equal to 66.7% 0.00 % 1.50 % 0.50 % 2.00 % III < or equal to 33.3% 0.25 % 1.75 % 0.75 % 2.25 % ( 1 June 30, 2021, Credit Facility Covenants The Term Facility contains restrictive covenants which requires us to maintain a maximum total leverage ratio and a minimum fixed charge coverage ratio. The fixed charge coverage ratio is calculated as (a) EBITDA minus the sum of (i) Capital Expenditures (except those financed with Borrowed Money other than under the Financing Agreements) and (ii) cash income taxes paid, to (b) Fixed Charges, with Fixed Charges being the sum of ( x Our ABL Facility contains a restrictive covenant which requires us to maintain a fixed charge coverage ratio upon a triggering event taking place (as defined in the agreement). Both the Term Facility and the ABL Facility contain restrictions on the amount of dividends that may Deferred Financing Fees In connection with the Term Facility and ABL Facility, we had to pay certain fees that will be capitalized and amortized over the life of each respective loan. In addition, the ABL Facility requires us to pay an annual collateral management in the amount of $75,000 due on each anniversary of the ABL Facility issuance date, until it matures. |
Schedule II - Consolidated Valu
Schedule II - Consolidated Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ROCKY BRANDS, INC. AND SUBSIDIARIES Schedule II Consolidated Valuation and Qualifying Accounts for the Years Ended December 31, 2020 2019 ($ in thousands) Balance at Additions Beginning of Charged to Costs Balance at End Description Period and Expenses Deductions of Period ALLOWANCE FOR DOUBTFUL ACCOUNTS Year ended December 31, 2020 $ 952 $ 452 $ (1,162 ) (1) $ 242 Year ended December 31, 2019 $ 1,268 $ 187 $ (503 ) (1) $ 952 VALUATION ALLOWANCE FOR DEFERRED TAX ASSETS Year ended December 31, 2020 $ 372 $ - $ (74 ) $ 298 Year ended December 31, 2019 $ 421 $ - $ (49 ) $ 372 ALLOWANCE FOR DISCOUNTS AND RETURNS Year ended December 31, 2020 $ 1,480 $ 23,223 $ (22,885 ) $ 1,818 Year ended December 31, 2019 $ 1,600 $ 19,492 $ (19,612 ) $ 1,480 ( 1 Amount charged off, net of recoveries |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Business Activity [Policy Text Block] | Business Activity six Our products are distributed through three 10,000 third |
Use of Estimates, Policy [Policy Text Block] | Estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may |
Accounts Receivable [Policy Text Block] | Trade Receivables December 31, 2020 2019 may 606, December 31, 2020 2019 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk 10% December 31, 2020 2019 Supplier and Labor Concentrations not We source a significant portion of our footwear, apparel and gloves from manufacturers in Asia, primarily China. We are not |
Inventory, Policy [Policy Text Block] | Inventories first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Years Buildings and improvements 5 - 40 Machinery and equipment 3 - 8 Furniture and fixtures 3 - 8 Lasts, dies, and patterns 3 For income tax purposes, the Company generally computes depreciation utilizing accelerated methods. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Identified intangible assets not If events or circumstances change, a determination is made by management, in accordance with the accounting standard for “Property, Plant and Equipment” to ascertain whether property, equipment and certain finite-lived intangibles have been impaired based on the sum of expected future undiscounted cash flows from operating activities. If the estimated net cash flows are less than the carrying amount of such assets, we will recognize an impairment loss in an amount necessary to write down the assets to fair value as determined from expected future discounted cash flows. In accordance with the accounting standard for “Intangibles – Goodwill and Other”, we test intangible assets with indefinite lives for impairment annually or when conditions indicate impairment may fourth not Note 5 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income two no no |
Advertising Cost [Policy Text Block] | Advertising 2020 2019 |
Shipping Costs [Policy Text Block] | Shipping Costs 2020 2019 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The fair value accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. This standard also establishes a three three ● Level 1 ● Level 2 1, not ● Level 3 no The fair values of cash and cash equivalents, receivables, and payables approximated their carrying values because of the short-term nature of these instruments. Receivables consist primarily of amounts due from our customers, net of allowances, amounts due from employees (sales persons’ advances in excess of commissions earned and employee travel advances); other customer receivables, net of allowances; and expected insurance recoveries. The carrying amounts of our long-term credit facility and other short-term financing obligations also approximate fair value, as they are comparable to the available financing in the marketplace during the year. The fair value of our revolving line of credit is categorized as Level 2. |
Deferred Compensation Plan Assets and Liabilities [Policy Text Block] | Deferred Compensation Plan Assets and Liabilities On December 14, 2018, January 1, 2019. 1 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Property, Plant and Equipment Estimated Useful Life [Table Text Block] | Years Buildings and improvements 5 - 40 Machinery and equipment 3 - 8 Furniture and fixtures 3 - 8 Lasts, dies, and patterns 3 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, ($ in thousands) 2020 2019 Raw materials $ 12,875 $ 12,466 Work-in-process 1,128 856 Finished goods 63,573 63,409 Total $ 77,576 $ 76,731 |
Note 4 - Property, Plant, and_2
Note 4 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, ($ in thousands) 2020 2019 Land 956 956 Buildings 27,596 20,810 Machinery and equipment 44,472 41,727 Furniture and fixtures 2,109 2,577 Lasts, dies and patterns 10,833 11,596 Construction work-in-progress 5,849 6,265 Total 91,815 83,931 Less - accumulated depreciation (58,065 ) (56,508 ) Net Fixed Assets 33,750 27,423 |
Note 5 - Identified Intangibl_2
Note 5 - Identified Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Accumulated Carrying ($ in thousands) Amount Amortization Amount December 31, 2020 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 778 117 Total Intangibles $ 30,987 $ 778 $ 30,209 Gross Accumulated Carrying Amount Amortization Amount December 31, 2019 Trademarks Wholesale $ 27,192 - $ 27,192 Retail 2,900 - 2,900 Patents 895 $ 747 148 Total Intangibles $ 30,987 $ 747 $ 30,240 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization ($ in thousands) Expense 2019 $ 33 2020 31 2021 26 2022 22 2023 20 2024 17 2025 12 2026+ 20 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, December 31, ($ in thousands) 2020 2019 Deferred financing costs, net $ 109 $ 143 Other 265 151 Total $ 374 $ 294 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Applicable Spread Rates for Applicable Spread Rates Domestic Rate Average Excess Revolver Availability for Eurodollar Rate Revolving Revolver Pricing Level for Previous Quarter Revolving Advances Advances I $25,000,000+ 1.00 % 0.50 % II $17,500,000 to < 25,000,000 1.25 % 0.50 % III $10,000,000 to < 17,500,000 1.50 % 2.50 % IV $< 10,000,000 1.75 % 0.00 % |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Operating Lease, Assets and Liabilities, Lessee [Table Text Block] | December 31, December 31, ($ in thousands) 2020 2019 Financial Statement Line Item Assets: Operating ROU Assets $ 1,572 $ 1,743 Leased assets Liabilities: Current Operating $ 629 $ 586 Other accrued expenses Noncurrent Operating 944 1,158 Long-term lease Total leased liabilities $ 1,573 $ 1,744 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating ($ in thousands) Leases 2021 $ 675 2022 505 2023 348 2024 107 2025 17 Total lease payments 1,652 Less: Interest 79 Present value of lease liabilities $ 1,573 |
Lease, Cost [Table Text Block] | December 31, December 31, 2020 2019 Weighted-average remaining lease term (years) Operating leases 2.0 2.2 Weighted-average discount rate Operating leases 3.7% 4.6% December 31, December 31, ($ in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 711 $ 909 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 481 $ 1,419 Twelve Months Ended December 31, December 31, ($ in thousands) 2020 2019 Financial Statement Line Item Operating lease expenses - Manufacturing & Sourcing (1) $ 678 $ 636 Cost of goods sold Operating lease expenses (1) 433 367 Operating expenses Total lease expenses $ 1,111 $ 1,003 |
Note 9 - Benefit Plan (Tables)
Note 9 - Benefit Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Defined Contribution Plan Disclosures [Table Text Block] | ($ in thousands) 2020 2019 401k plan sponsor contributions $ 961 $ 955 |
Note 10 - Taxes (Tables)
Note 10 - Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ($ in thousands) 2020 2019 Federal: Current $ 4,942 $ 3,706 Deferred 67 336 Total Federal 5,009 4,042 State & local: Current 793 497 Deferred 97 (8 ) Total State & local 890 489 Foreign Current 102 238 Deferred - - Total Foreign 102 238 Total $ 6,001 $ 4,769 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, ($ in thousands) 2020 2019 Expected expense at statutory rate (21% in 2020 and 2019) $ 5,662 $ 4,682 Increase (decrease) in income taxes resulting from: Exempt income from Dominican Republic operations due to tax holiday (942 ) (821 ) GILTI tax 438 410 State and local income taxes 766 369 Foreign Tax Credit/Expense (30 ) (278 ) Meals and entertainment 27 48 Nondeductible penalties 20 - Provision to return filing adjustments and other 60 359 Total $ 6,001 $ 4,769 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ($ in thousands) 2020 2019 Deferred tax assets: Asset reserves and accrued expenses $ 301 $ 526 Inventories 528 471 State and local income taxes 169 192 Pension and deferred compensation 18 27 Net operating losses 298 388 Lease asset 269 - Total deferred tax assets 1,583 1,604 Valuation allowances (298 ) (372 ) Total deferred tax assets 1,285 1,232 Deferred tax liabilities: Fixed assets 1,571 1,519 Intangible assets 6,587 6,756 Other assets 278 231 Tollgate tax on Lifestyle earnings 228 228 State and local income taxes 623 606 Lease Liability 269 - Total deferred tax liabilities 9,556 9,340 Net deferred tax liability $ 8,271 $ 8,108 |
Summary of Income Tax Examinations [Table Text Block] | Earliest Exam Year Taxing Authority Jurisdiction: U.S. Federal 2017 Various U.S. States 2016 Puerto Rico (U.S. Territory) 2015 Canada 2015 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | ($ in thousands, except share and per share amounts) 2020 2019 Maximum authorized share repurchase amount (1) $ 7,500 $ 7,500 Date of plan's authorization by the Board February 2020 February 2019 Funding source Working capital Working capital Number of shares repurchased under the plan (shares) 129,095 54,249 Amount paid for shares repurchased $ 2,938 $ 1,500 Weighted average price paid per share $ 22.76 $ 27.65 Remaining amount of shares authorized to be purchased under the plan (in dollars) $ 4,562 $ 6,000 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 2019 Assumptions: Risk-free interest rate 1.61 % 2.84 % Expected dividend yield 2.00 % 1.81 % Expected volatility of Rocky's common stock 42.27 % 42.05 % Expected option term (years) 6.3 6.3 Weighted-average grant date fair value per share $ 9.36 $ 8.77 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ($ in thousands) 2020 2019 Share-based compensation expense $ 780 $ 662 Tax benefit 58 109 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate ($ amounts are per share) Shares Exercise Price Actual Term Intrinsic Value Options outstanding at January 1, 2020 192,000 $ 19.46 Issued 78,000 29.43 Exercised (8,800 ) 15.39 Forfeited or expired (3,800 ) 19.96 Options outstanding at December 31, 2020 257,400 $ 22.61 5.6 $ 1,510,216 Expected to vest 150,500 $ 24.91 6.9 $ 580,937 Exercisable at December 31, 2020 106,900 $ 19.38 3.8 $ 929,279 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Units Weighted-Average Grant Date ($ amounts are per share) Quantity Fair Value Per Share Nonvested at January 1, 2020 2,500 $ 11.35 Granted - - Vested (2,500 ) 11.35 Forfeited - - Nonvested at December 31, 2020 - $ - |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Twelve Months Ended December 31, (shares in thousands) 2020 2019 Basic - weighted average shares outstanding 7,304 7,387 Dilutive restricted share units - 4 Dilutive stock options 33 48 Diluted - weighted average shares outstanding 7,337 7,439 Anti-dilutive securities 149 73 |
Note 14 - Revenue (Tables)
Note 14 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, December 31, ($ in thousands) 2020 2019 Contract liabilities $ 5,582 $ 4,746 |
Revenue, Initial Application Period, Cumulative Effect Transition [Table Text Block] | ($ in thousands) Contract liabilities Balance, December 31, 2019 4,746 Non-cancelable contracts with customers entered into during the period 8,060 Revenue recognized related to non-cancelable contracts with customers during the period (7,224 ) Balance, December 31, 2020 5,582 |
Note 15 - Supplemental Cash F_2
Note 15 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ($ in thousands) 2020 2019 Interest paid $ 151 $ 120 Federal, state, and local income taxes paid, net $ 4,669 $ 5,327 Change in contract receivables, net $ (424 ) $ (2,144 ) Change in contract liabilities, net $ 836 $ 2,144 Property, plant, and equipment purchases in accounts payable $ 2,316 $ 2,460 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve Months Ended December 31, ($ in thousands) 2020 2019 NET SALES: Wholesale $ 185,554 $ 179,519 Retail 72,877 64,824 Military 18,878 26,065 Total Net Sales $ 277,309 $ 270,408 GROSS MARGIN: Wholesale $ 66,336 $ 61,133 Retail 34,283 28,941 Military 4,116 7,611 Total Gross Margin $ 104,735 $ 97,685 |
Schedule of Product Information [Table Text Block] | ($ in thousands) 2020 % of Sales 2019 % of Sales Work footwear $ 126,268 45.5 % $ 123,021 45.5 % Western footwear 61,127 22.0 52,976 19.6 Duty and commercial military footwear 41,005 14.8 42,583 15.7 Outdoor footwear 21,074 7.6 18,494 6.8 Military footwear 18,878 6.8 26,064 9.6 Apparel 3,382 1.2 2,782 1.0 Other 5,575 2.0 4,488 1.7 $ 277,309 100.0 % $ 270,408 100.0 % |
Note 17 - Quarterly Results o_2
Note 17 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year Net sales $ 55,720 $ 56,186 $ 77,785 $ 87,618 $ 277,309 Gross margin $ 19,320 $ 19,462 $ 29,832 $ 36,121 $ 104,735 Net income $ 1,188 $ 2,442 $ 7,613 $ 9,721 $ 20,964 Dividends paid $ 1,030 $ 1,023 $ 1,023 $ 1,017 $ 4,093 Net income per common share: Basic $ 0.16 $ 0.33 $ 1.04 $ 1.34 $ 2.87 Diluted $ 0.16 $ 0.33 $ 1.04 $ 1.33 $ 2.86 2019 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year Net sales $ 65,929 $ 61,959 $ 67,179 $ 75,341 $ 270,408 Gross margin $ 22,978 $ 21,441 $ 25,014 $ 28,252 $ 97,685 Net income $ 3,605 $ 3,156 $ 5,616 $ 5,085 $ 17,462 Dividends paid $ 887 $ 1,035 $ 1,036 $ 1,029 $ 3,987 Net income per common share: Basic $ 0.49 $ 0.43 $ 0.76 $ 0.68 $ 2.36 Diluted $ 0.48 $ 0.42 $ 0.75 $ 0.70 $ 2.35 |
Note 19 - Subsequent Events (Ta
Note 19 - Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Qualitative Measure of Debt Facility [Table Text Block] | Average Availability as a Revolver Pricing Level (1) Percentage of Commitments Base Rate LIBOR Rate Base Rate for FILO LIBOR Rate for FILO I > 66.7% 0.00 % 1.25 % 0.50 % 1.75 % II >33.3% and < or equal to 66.7% 0.00 % 1.50 % 0.50 % 2.00 % III < or equal to 33.3% 0.25 % 1.75 % 0.75 % 2.25 % |
Schedule II - Consolidated Va_2
Schedule II - Consolidated Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block] | Balance at Additions Beginning of Charged to Costs Balance at End Description Period and Expenses Deductions of Period ALLOWANCE FOR DOUBTFUL ACCOUNTS Year ended December 31, 2020 $ 952 $ 452 $ (1,162 ) (1) $ 242 Year ended December 31, 2019 $ 1,268 $ 187 $ (503 ) (1) $ 952 VALUATION ALLOWANCE FOR DEFERRED TAX ASSETS Year ended December 31, 2020 $ 372 $ - $ (74 ) $ 298 Year ended December 31, 2019 $ 421 $ - $ (49 ) $ 372 ALLOWANCE FOR DISCOUNTS AND RETURNS Year ended December 31, 2020 $ 1,480 $ 23,223 $ (22,885 ) $ 1,818 Year ended December 31, 2019 $ 1,600 $ 19,492 $ (19,612 ) $ 1,480 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Operating Segments | 3 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 242,000 | $ 952,000 |
Contract with Customer, Refund Liability, Total | 1,348,000 | 1,050,000 |
Advertising Expense | 8,406,000 | 8,106,000 |
Operating Expenses, Total | 77,565,000 | 75,600,000 |
Shipping and Handling [Member] | ||
Operating Expenses, Total | $ 10,523,000 | $ 10,641,000 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Number of Major Customers | 0 | 0 |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations and Basis of Presentation - Property, Plant and Equipment Useful Life (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Lasts, Dies and Patterns [Member] | |
Estimated useful lives (Year) | 3 years |
Minimum [Member] | Building Improvements [Member] | |
Estimated useful lives (Year) | 5 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Estimated useful lives (Year) | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Estimated useful lives (Year) | 3 years |
Maximum [Member] | Building Improvements [Member] | |
Estimated useful lives (Year) | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Estimated useful lives (Year) | 8 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Estimated useful lives (Year) | 8 years |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Contract with Customer, Returns Reserve Asset | $ 744,000 | $ 613,000 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 12,875 | $ 12,466 |
Work-in-process | 1,128 | 856 |
Finished goods | 63,573 | 63,409 |
Total | $ 77,576 | $ 76,731 |
Note 4 - Property, Plant, and_3
Note 4 - Property, Plant, and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 5.2 | $ 5 |
Note 4 - Property, Plant, and_4
Note 4 - Property, Plant, and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Land | $ 956 | $ 956 |
Buildings | 27,596 | 20,810 |
Machinery and equipment | 44,472 | 41,727 |
Furniture and fixtures | 2,109 | 2,577 |
Lasts, dies and patterns | 10,833 | 11,596 |
Construction work-in-progress | 5,849 | 6,265 |
Total | 91,815 | 83,931 |
Less - accumulated depreciation | (58,065) | (56,508) |
Net Fixed Assets | $ 33,750 | $ 27,423 |
Note 5 - Identified Intangibl_3
Note 5 - Identified Intangible Assets (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Patents [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years 4 months 24 days |
Note 5 - Identified Intangibl_4
Note 5 - Identified Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Gross amount | $ 30,987 | $ 30,987 |
Accumulated amortization | 778 | 747 |
Carrying amount | 30,209 | 30,240 |
Trademarks [Member] | Wholesale [Member] | ||
Gross amount | 27,192 | 27,192 |
Accumulated amortization | 0 | 0 |
Carrying amount | 27,192 | 27,192 |
Trademarks [Member] | Retail [Member] | ||
Gross amount | 2,900 | 2,900 |
Accumulated amortization | 0 | 0 |
Carrying amount | 2,900 | 2,900 |
Patents [Member] | ||
Gross amount | 895 | 895 |
Accumulated amortization | 778 | 747 |
Carrying amount | $ 117 | $ 148 |
Note 5 - Identified Intangibl_5
Note 5 - Identified Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
2019 | $ 31 | $ 33 |
2021 | 26 | |
2022 | 22 | |
2023 | 20 | |
2024 | 17 | |
2025 | 12 | |
2026+ | $ 20 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) | Feb. 28, 2019USD ($) |
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 174,000 |
Note 6 - Other Assets - Other A
Note 6 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred financing costs, net | $ 109 | $ 143 |
Other | 265 | 151 |
Total | $ 374 | $ 294 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 13, 2019 |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||
Line of Credit Facility, Additional Increase in Maximum Borrowing Capacity | 25,000 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 70,800 | ||
Long-term Line of Credit, Total | $ 0 | $ 0 | |
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500 |
Note 7 - Long-term Debt - Credi
Note 7 - Long-term Debt - Credit Agreement (Details) - Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Average Excess Revolver Availability of $25,000,000 or More [Member] | Eurodollar [Member] | |
Rate | 1.00% |
Average Excess Revolver Availability of $25,000,000 or More [Member] | Domestic Rate [Member] | |
Rate | 0.50% |
Average Excess Revolver Availability of $17,500,000 to Less Than 25,000,000 [Member] | Eurodollar [Member] | |
Rate | 1.25% |
Average Excess Revolver Availability of $17,500,000 to Less Than 25,000,000 [Member] | Domestic Rate [Member] | |
Rate | 0.50% |
Average Excess Revolver Availability of $10,000,000 to Less Than 17,500,000 [Member] | Eurodollar [Member] | |
Rate | 1.50% |
Average Excess Revolver Availability of $10,000,000 to Less Than 17,500,000 [Member] | Domestic Rate [Member] | |
Rate | 2.50% |
Average Excess Revolver Availability of Less Than $10,000,000 [Member] | Eurodollar [Member] | |
Rate | 1.75% |
Average Excess Revolver Availability of Less Than $10,000,000 [Member] | Domestic Rate [Member] | |
Rate | 0.00% |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Lease, Cost | $ 103,000 | $ 126,000 |
Note 8 - Leases - Operating Lea
Note 8 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
LEASED ASSETS | $ 1,572 | $ 1,743 |
Operating | 944 | 1,158 |
Total leased liabilities | 1,573 | 1,744 |
Other accrued expenses [Member] | ||
Operating | 629 | 586 |
Long-term Lease [Member] | ||
Operating | $ 944 | $ 1,158 |
Note 8 - Leases - Maturity of O
Note 8 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 675 | |
2022 | 505 | |
2023 | 348 | |
2024 | 107 | |
2025 | 17 | |
Total lease payments | 1,652 | |
Less: Interest | 79 | |
Present value of lease liabilities | $ 1,573 | $ 1,744 |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating leases, weighted-average remaining lease term (Year) | 2 years | 2 years 2 months 12 days | |
Operating leases, weighted-average discount rate | 3.70% | 4.60% | |
Operating cash flows from operating leases | $ 711 | $ 909 | |
Right-of-use assets obtained in exchange for lease obligations | 481 | 1,419 | |
Total lease expenses | 1,111 | 1,003 | |
Cost of Sales [Member] | |||
Operating lease expenses | [1] | 678 | 636 |
Operating Expense [Member] | |||
Operating lease expenses | [1] | $ 433 | $ 367 |
[1] | Includes short-term lease expenses of approximately $103,000 and $126,000 for the twelve months ended December 31, 2020 and December 31, 2019, respectively. |
Note 9 - Benefit Plan (Details
Note 9 - Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 0.25% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | |
Deferred Compensation Arrangement with Individual, Maximum Base Compensation Deferral Rate | 75.00% | |
Deferred Compensation Arrangement with Individual, Maximum Other Compensation Deferral Rate | 100.00% | |
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage | 3.00% | |
Deferred Compensation Plan Assets | $ 150,000 | $ 40,000 |
The Dominican Plan [Member] | ||
Deferred Compensation Plan Assets | $ 150,000 |
Note 9 - Benefit Plan - Contrib
Note 9 - Benefit Plan - Contributions to 401(k) Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
401k plan sponsor contributions | $ 961 | $ 955 |
Note 10 - Taxes (Details Textua
Note 10 - Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2001 | Jun. 30, 1994 | |
Undistributed Earnings of Domestic Subsidiaries | $ 3,684,000 | ||
Foreign Earnings Repatriated | $ 227,563 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 10 - Taxes - Income Tax Ex
Note 10 - Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current | $ 4,942 | $ 3,706 |
Deferred | 67 | 336 |
Total Federal | 5,009 | 4,042 |
Current | 793 | 497 |
Deferred | 97 | (8) |
Total State & local | 890 | 489 |
Current | 102 | 238 |
Deferred | 0 | 0 |
Total Foreign | 102 | 238 |
Total | $ 6,001 | $ 4,769 |
Note 10 - Taxes - Reconciliatio
Note 10 - Taxes - Reconciliation of Federal Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expected expense at statutory rate (21% in 2020 and 2019) | $ 5,662 | $ 4,682 |
Exempt income from Dominican Republic operations due to tax holiday | (942) | (821) |
GILTI tax | 438 | 410 |
State and local income taxes | 766 | 369 |
Foreign Tax Credit/Expense | (30) | (278) |
Meals and entertainment | 27 | 48 |
Nondeductible penalties | 20 | 0 |
Provision to return filing adjustments and other | 60 | 359 |
Total | $ 6,001 | $ 4,769 |
Note 10 - Taxes - Deferred Inco
Note 10 - Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Asset reserves and accrued expenses | $ 301 | $ 526 |
Inventories | 528 | 471 |
State and local income taxes | 169 | 192 |
Pension and deferred compensation | 18 | 27 |
Net operating losses | 298 | 388 |
Lease asset | 269 | 0 |
Total deferred tax assets | 1,583 | 1,604 |
Valuation allowances | (298) | (372) |
Total deferred tax assets | 1,285 | 1,232 |
Fixed assets | 1,571 | 1,519 |
Intangible assets | 6,587 | 6,756 |
Other assets | 278 | 231 |
Tollgate tax on Lifestyle earnings | 228 | 228 |
State and local income taxes | 623 | 606 |
Lease Liability | 269 | 0 |
Total deferred tax liabilities | 9,556 | 9,340 |
Net deferred tax liability | $ 8,271 | $ 8,108 |
Note 10 - Taxes - Tax Examinati
Note 10 - Taxes - Tax Examinations (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Domestic Tax Authority [Member] | |
Open tax year | 2017 |
State and Local Jurisdiction [Member] | |
Open tax year | 2016 |
Foreign Tax Authority [Member] | Departamento de Hacienda de Puerto Rico [Member] | |
Open tax year | 2015 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |
Open tax year | 2015 |
Note 11 - Shareholders' Equit_2
Note 11 - Shareholders' Equity (Details Textual) - USD ($) | Mar. 08, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Repurchase Program, Authorized Amount | [1] | $ 7,500,000 | $ 7,500,000 | |
Preferred Stock, Shares Authorized (in shares) | 250,000 | |||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | |||
Preferred Stock, Shares Issued, Total (in shares) | 0 | |||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | |||
Non-voting Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized (in shares) | 250,000 | |||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | |||
Series A Non-voting Convertible Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized (in shares) | 125,000 | |||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.06 | |||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||
Subsequent Event [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 7,500,000 | |||
[1] | Common shares can be purchased in the open market or privately negotiated transactions over the next twelve months from the date of plan authorization. |
Note 11 - Shareholders' Equit_3
Note 11 - Shareholders' Equity - Authorized Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Maximum authorized share repurchase amount (1) | [1] | $ 7,500 | $ 7,500 |
Number of shares repurchased under the plan (shares) (in shares) | 129,095 | 54,249 | |
Amount paid for shares repurchased | $ 2,938 | $ 1,500 | |
Weighted average price paid per share (in dollars per share) | $ 22.76 | $ 27.65 | |
Remaining amount of shares authorized to be purchased under the plan (in dollars) | $ 4,562 | $ 6,000 | |
[1] | Common shares can be purchased in the open market or privately negotiated transactions over the next twelve months from the date of plan authorization. |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | May 07, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 94,560 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 78,000 | |||
Proceeds from Stock Options Exercised | $ 136,000 | $ 444,000 | ||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 10,456 | 7,925 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 190,939 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 8 months 12 days | |||
Share-based Payment Arrangement, Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 42,000 | |||
Share-based Payment Arrangement, Employee [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Share-based Payment Arrangement, Nonemployee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 36,000 | |||
Share-based Payment Arrangement, Nonemployee [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Assumptions (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Risk-free interest rate | 1.61% | 2.84% |
Expected dividend yield | 2.00% | 1.81% |
Expected volatility of Rocky's common stock | 42.27% | 42.05% |
Expected option term (years) (Year) | 6 years 3 months 18 days | 6 years 3 months 18 days |
Weighted-average grant date fair value per share (in dollars per share) | $ 9.36 | $ 8.77 |
Note 12 - Share-based Compens_5
Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based compensation expense | $ 780 | $ 662 |
Tax benefit | $ 58 | $ 109 |
Note 12 - Share-based Compens_6
Note 12 - Share-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Options outstanding (in shares) | shares | 192,000 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 19.46 |
Issued (in shares) | shares | 78,000 |
Issued, weighted average exercise price (in dollars per share) | $ / shares | $ 29.43 |
Exercised (in shares) | shares | (8,800) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 15.39 |
Forfeited or expired (in shares) | shares | (3,800) |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 19.96 |
Options outstanding (in shares) | shares | 257,400 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 22.61 |
Options outstanding, weighted average remaining term (Year) | 5 years 7 months 6 days |
Options outstanding, intrinsic value | $ | $ 1,510,216 |
Expected to vest (in shares) | shares | 150,500 |
Expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 24.91 |
Expected to vest, weighted average remaining term (Year) | 6 years 10 months 24 days |
Expected to vest, intrinsic value | $ | $ 580,937 |
Exercisable (in shares) | shares | 106,900 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 19.38 |
Exercisable, weighted average remaining term (Year) | 3 years 9 months 18 days |
Exercisable, intrinsic value | $ | $ 929,279 |
Note 12 - Share-based Compens_7
Note 12 - Share-based Compensation - Restricted Stock Units and Performance Share Units Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Nonvested (in shares) | shares | 2,500 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.35 |
Granted (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | (2,500) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.35 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Nonvested (in shares) | shares | 0 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Basic and Diluted Income Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Basic (in shares) | 7,304 | 7,387 |
Diluted - weighted average shares outstanding (in shares) | 7,337 | 7,439 |
Anti-dilutive securities (in shares) | 149 | 73 |
Restricted Stock Units (RSUs) [Member] | ||
Dilutive restricted share units (in shares) | 0 | 4 |
Share-based Payment Arrangement, Option [Member] | ||
Dilutive restricted share units (in shares) | 33 | 48 |
Note 14 - Revenue (Details Text
Note 14 - Revenue (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Operating Segments | 3 |
Number of Stores | 10,000 |
Maximum [Member] | |
Contract with Customer, Period (Year) | 1 year |
Capitalized Contract Cost, Amortization Period (Year) | 1 year |
Note 14 - Revenue - Contract Li
Note 14 - Revenue - Contract Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract liabilities | $ 5,582 | $ 4,746 |
Note 14 - Revenue - Changes in
Note 14 - Revenue - Changes in Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Balance, December 31, 2019 | $ 4,746 |
Non-cancelable contracts with customers entered into during the period | 8,060 |
Revenue recognized related to non-cancelable contracts with customers during the period | (7,224) |
Balance, December 31, 2020 | $ 5,582 |
Note 15 - Supplemental Cash F_3
Note 15 - Supplemental Cash Flow Information - Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest paid | $ 151 | $ 120 |
Federal, state, and local income taxes paid, net | 4,669 | 5,327 |
Change in contract receivables, net | (424) | (2,144) |
Change in contract liabilities, net | 836 | 2,144 |
Property, plant, and equipment purchases in accounts payable | $ 2,316 | $ 2,460 |
Note 16 - Segment Information_2
Note 16 - Segment Information (Details Textual) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Reportable Segments | 3 | |
Number of Stores | 10,000 | |
Foreign Sales, Percentage | 0.80% | 1.40% |
Note 16 - Segment Information -
Note 16 - Segment Information - Summary of Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
NET SALES | $ 87,618 | $ 77,785 | $ 56,186 | $ 55,720 | $ 75,341 | $ 67,179 | $ 61,959 | $ 65,929 | $ 277,309 | $ 270,408 |
GROSS MARGIN | $ 36,121 | $ 29,832 | $ 19,462 | $ 19,320 | $ 28,252 | $ 25,014 | $ 21,441 | $ 22,978 | 104,735 | 97,685 |
Wholesale [Member] | ||||||||||
NET SALES | 185,554 | 179,519 | ||||||||
GROSS MARGIN | 66,336 | 61,133 | ||||||||
Retail [Member] | ||||||||||
NET SALES | 72,877 | 64,824 | ||||||||
GROSS MARGIN | 34,283 | 28,941 | ||||||||
Military [Member] | ||||||||||
NET SALES | 18,878 | 26,065 | ||||||||
GROSS MARGIN | $ 4,116 | $ 7,611 |
Note 16 - Segment Information_3
Note 16 - Segment Information - Product Group Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales | $ 87,618 | $ 77,785 | $ 56,186 | $ 55,720 | $ 75,341 | $ 67,179 | $ 61,959 | $ 65,929 | $ 277,309 | $ 270,408 |
Net sales, percent | 100.00% | 100.00% | ||||||||
Work Footwear [Member] | ||||||||||
Net sales | $ 126,268 | $ 123,021 | ||||||||
Net sales, percent | 45.50% | 45.50% | ||||||||
Western Footwear [Member] | ||||||||||
Net sales | $ 61,127 | $ 52,976 | ||||||||
Net sales, percent | 22.00% | 19.60% | ||||||||
Duty and Commercial Military Footwear [Member] | ||||||||||
Net sales | $ 41,005 | $ 42,583 | ||||||||
Net sales, percent | 14.80% | 15.70% | ||||||||
Outdoor Footwear [Member] | ||||||||||
Net sales | $ 21,074 | $ 18,494 | ||||||||
Net sales, percent | 7.60% | 6.80% | ||||||||
Military Footwear [Member] | ||||||||||
Net sales | $ 18,878 | $ 26,064 | ||||||||
Net sales, percent | 6.80% | 9.60% | ||||||||
Apparel [Member] | ||||||||||
Net sales | $ 3,382 | $ 2,782 | ||||||||
Net sales, percent | 1.20% | 1.00% | ||||||||
Product and Service, Other [Member] | ||||||||||
Net sales | $ 5,575 | $ 4,488 | ||||||||
Net sales, percent | 2.00% | 1.70% |
Note 17 - Quarterly Results o_3
Note 17 - Quarterly Results of Operations - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales | $ 87,618 | $ 77,785 | $ 56,186 | $ 55,720 | $ 75,341 | $ 67,179 | $ 61,959 | $ 65,929 | $ 277,309 | $ 270,408 |
Gross margin | 36,121 | 29,832 | 19,462 | 19,320 | 28,252 | 25,014 | 21,441 | 22,978 | 104,735 | 97,685 |
Net income | 9,721 | 7,613 | 2,442 | 1,188 | 5,085 | 5,616 | 3,156 | 3,605 | 20,964 | 17,462 |
Dividends paid | $ 1,017 | $ 1,023 | $ 1,023 | $ 1,030 | $ 1,029 | $ 1,036 | $ 1,035 | $ 887 | $ 4,093 | $ 3,987 |
Basic (in dollars per share) | $ 1.34 | $ 1.04 | $ 0.33 | $ 0.16 | $ 0.68 | $ 0.76 | $ 0.43 | $ 0.49 | $ 2.87 | $ 2.36 |
Diluted (in dollars per share) | $ 1.33 | $ 1.04 | $ 0.33 | $ 0.16 | $ 0.70 | $ 0.75 | $ 0.42 | $ 0.48 | $ 2.86 | $ 2.35 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - USD ($) | Jul. 01, 2021 | Mar. 16, 2021 | Mar. 15, 2021 | Mar. 15, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 13, 2019 |
Proceeds from Lines of Credit, Total | $ 20,000,000 | $ 0 | |||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | ||||||
Letter of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500,000 | ||||||
Term Facility [Member] | Forecast [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate if Total Average Leverage Ratio is Greater or Equal to 3.25 | 7.00% | ||||||
Debt Instrument, Basis Spread on Variable Rate if Total Average Leverage Ratio is Less Than 3.25 | 6.50% | ||||||
Term Facility [Member] | Forecast [Member] | Prime Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate if Total Average Leverage Ratio is Greater or Equal to 3.25 | 6.00% | ||||||
Debt Instrument, Basis Spread on Variable Rate if Total Average Leverage Ratio is Less Than 3.25 | 5.50% | ||||||
Subsequent Event [Member] | Term Facility [Member] | |||||||
Debt Instrument, Face Amount | $ 130,000,000 | $ 130,000,000 | |||||
Subsequent Event [Member] | Term Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Subsequent Event [Member] | The ABL Facility [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | 150,000,000 | |||||
Line of Credit Facility, Additional Borrowing Capacity upon Request | 50,000,000 | 50,000,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 150,000,000 | ||||||
Proceeds from Lines of Credit, Total | 80,000,000 | ||||||
Debt Instrument, Collateral Fee | $ 75,000 | ||||||
Subsequent Event [Member] | The ABL Facility [Member] | Letter of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 5,000,000 | |||||
Honeywell International, Inc. [Member] | |||||||
Business Combination, Acquisition Related Costs | $ 705,000 | ||||||
Honeywell International, Inc. [Member] | Subsequent Event [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | |||||
Business Combination, Consideration Transferred, Total | $ 230,000,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 25,000 |
Note 19 - Subsequent Events - D
Note 19 - Subsequent Events - Debt Facility Information (Details) - Subsequent Event [Member] - Revolving Credit Facility [Member] | Mar. 15, 2021 | [1] |
Commitments Above $100,005,000 [Member] | Base Rate [Member] | The ABL Facility [Member] | ||
Rate | 0.00% | |
Commitments Above $100,005,000 [Member] | Base Rate [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 0.50% | |
Commitments Above $100,005,000 [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility [Member] | ||
Rate | 1.25% | |
Commitments Above $100,005,000 [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 1.75% | |
Commitmeents Between $49,995,000 and $100,005,000 [Member] | Base Rate [Member] | The ABL Facility [Member] | ||
Rate | 0.00% | |
Commitmeents Between $49,995,000 and $100,005,000 [Member] | Base Rate [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 0.50% | |
Commitmeents Between $49,995,000 and $100,005,000 [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility [Member] | ||
Rate | 1.50% | |
Commitmeents Between $49,995,000 and $100,005,000 [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 2.00% | |
Commitments Below $49,995,000 [Member] | Base Rate [Member] | The ABL Facility [Member] | ||
Rate | 0.25% | |
Commitments Below $49,995,000 [Member] | Base Rate [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 0.75% | |
Commitments Below $49,995,000 [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility [Member] | ||
Rate | 1.75% | |
Commitments Below $49,995,000 [Member] | London Interbank Offered Rate (LIBOR) [Member] | The ABL Facility FILO Borrowings [Member] | ||
Rate | 2.25% | |
[1] | Until June 30, 2021, Tier II shall apply |
Schedule II - Consolidated Va_3
Schedule II - Consolidated Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at beginning of period | $ 952 | $ 1,268 | |
Additions charged to costs and expenses | 452 | 187 | |
Deductions | [1] | (1,162) | (503) |
Balance at end of period | 242 | 952 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of period | 372 | 421 | |
Additions charged to costs and expenses | 0 | 0 | |
Deductions | (74) | (49) | |
Balance at end of period | 298 | 372 | |
Allowance for Discounts and Returns [Member] | |||
Balance at beginning of period | 1,480 | 1,600 | |
Additions charged to costs and expenses | 23,223 | 19,492 | |
Deductions | (22,885) | (19,612) | |
Balance at end of period | $ 1,818 | $ 1,480 | |
[1] | Amount charged off, net of recoveries |